Jasper Gardens RA8 Site

153 Street Multifamily Land is in the active neighbourhood of West Jasper Place. Surrounded by single-family homes and purposebuilt rentals there is no competition for new development in the surrounding area. West Jasper Place provides convenience with than a 10-minute drive to major shopping centers, schools, and entertainment facilities. Currently, Edmonton’s Northwest submarket has little new rental product and hosts the least number of available units in Edmonton. The minimal available units are attributed to the small amount of new rental supply and low average rental rates. The increasing demand for new multifamily product in the Northwest region is instigating a push for rental development. The projected increase in value for new development can be credited to minimal competition and decreasing vacancy rates putting upward pressure on rental rates. Rents have increased by 7% year over year and are expecting to continue increasing over the 2022 year. With Alberta forecasted to see net positive interprovincial and global migration we can expect that affordable districts like the Northwest market will continue to see a spike in demand.153 Street Multifamily Land is in the active neighbourhood of West Jasper Place. Surrounded by single-family homes and purposebuilt rentals there is no competition for new development in the surrounding area. West Jasper Place provides convenience with than a 10-minute drive to major shopping centers, schools, and entertainment facilities. Currently, Edmonton’s Northwest submarket has little new rental product and hosts the least number of available units in Edmonton. The minimal available units are attributed to the small amount of new rental supply and low average rental rates. The increasing demand for new multifamily product in the Northwest region is instigating a push for rental development. The projected increase in value for new development can be credited to minimal competition and decreasing vacancy rates putting upward pressure on rental rates. Rents have increased by 7% year over year and are expecting to continue increasing over the 2022 year. With Alberta forecasted to see net positive interprovincial and global migration we can expect that affordable districts like the Northwest market will continue to see a spike in demand.